悲观者认为近年来银根太宽松,实际利率也太低,信贷增速太快,这些现象在新兴经济体更为明显。
Pessimists point out that monetary conditions have been loose in recent years, with real interest rates low and credit growth rapid, particularly in emerging economies.
例如,在周期的中期从宽松回转到紧缩,或者一个新的银根放松周期的第一个放松的举动。
For example, a shift from easing back to tightening in mid-cycle, or the first easing move of a new easing cycle.
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